A couple weeks ago, we launched real-time decisioning capabilities within the Cortex UI. We also promised more product features focused on decisioning in the coming weeks. The first of many new decisioning features is Weighted Decisions, which is now available in all Cortex accounts!
What are “Weighted Decisions”?
Not every action a user takes has the same value to your business. For instance, a user registration might be worth less to your business than a user starting a paid subscription. Alternatively, consider if a user redeems a coupon to purchase a sweater – the larger the coupon redemption in value, the more costly a coupon redemption is for the business.
Weighted decisions allow a business to weigh the output of a machine learning pipeline within a next-best-action or next-best-offer experience. By weighting the output, a business can more directly maximize for customer lifetime value (CLV).
Examples of Weighted Decisions
Specifying weights for a pipeline in a decision project enables a business to specify the value of an action which a user takes. The basic premise being that not all actions are worth the same amount to a business.
Weighted Decisions within the Cortex UI – Enabling Fast Experimentation
Cortex empowers a business to easily change the weight associated with a particular decision directly within the UI. By making it easy to modify decision weights, a business is able to quickly experiment with different weights and measure the impact of those changes on performance.
Note that Cortex’s machine learning engine immediately takes into account the new decision weights and uses those to optimize for next-best-action and next-best-offer experiences. Weighted decisioning also takes full advantage of the real-time decisioning capabilities available within Cortex enabling your team to target both anonymous and first-time users.
Project creation workflow which enables a business to specify one or more next-best-action or next-best-offer decisions. Weighing decisions enables teams to weigh the impact of a decision on the business.
Want to Learn More?
Weighted decisions are the first enhancement to Cortex Decisioning, but we have a lot more in store over the coming weeks. If you are building a real-time decisioning experience using machine learning, we would love to hear from you!